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Broadway Wealth Solutions Inc. Has $1.85 Million Holdings in Apple Inc. (NASDAQ:AAPL)

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Broadway Wealth Solutions Inc. boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 27.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,312 shares of the iPhone maker's stock after purchasing an additional 1,810 shares during the quarter. Apple makes up approximately 1.3% of Broadway Wealth Solutions Inc.'s holdings, making the stock its 12th largest holding. Broadway Wealth Solutions Inc.'s holdings in Apple were worth $1,846,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Apple in the 4th quarter valued at approximately $46,868,648,000. GAMMA Investing LLC increased its holdings in shares of Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after acquiring an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Apple by 23,555.4% in the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after acquiring an additional 20,966,232 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AAPL shares. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a report on Friday, June 13th. Evercore ISI boosted their price target on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. China Renaissance initiated coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating and upped their price objective for the stock from $170.62 to $188.32 in a research note on Tuesday, July 1st. Finally, Bank of America restated a "buy" rating and set a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Apple has an average rating of "Moderate Buy" and an average target price of $234.95.

View Our Latest Stock Analysis on AAPL

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Trading Up 0.5%

Shares of NASDAQ AAPL traded up $1.13 during mid-day trading on Wednesday, hitting $211.14. 48,631,689 shares of the company traded hands, compared to its average volume of 53,497,198. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.34 and a beta of 1.20. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average of $203.32 and a two-hundred day moving average of $218.08.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the prior year, the business posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio is currently 16.20%.

Apple declared that its board has authorized a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Apple Profile

(Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

See Also

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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